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Facebook will soon be on the move in Dublin after finalizing an agreement to move its European headquarters to a much larger space at No. 4 Grand Canal Square, The Irish Times reported.

The possibility of the move to Grand Canal Square was first reported in April, and the contracts were completed this week.

The social network’s current European headquarters encompasses some 65,000 square feet at Hanover Reach, according to The Irish Times, and the new space is around 120,000 sq. ft., with the newspaper speculating that Facebook agreed to pay €35 ($ 56.58) per sq. ft. under a 20-year lease, with an option to terminate the lease after year 10.

Facebook announced plans in February to add 100 jobs in Dublin, bringing its total head count there to some 500.

Facebook is preparing for a major expansion of its European headquarters in Dublin, with Independent.ie reporting that the social network reached a €3.5 million ($ 4.58 million) agreement to rent space for at least 800 employees in the Daniel Libeskind building in Grand Canal Square.

According to Independent.ie, Facebook’s current offices in Dublin are about one-half the size, and the company’s agreement to rent that space expires in 2014.

Independent.ie added that Facebook reached the pact on the new space with Joe O’Reilly’s Chartered Land, and that the space is located in the heart of Dublin’s silicon square mile.

Facebook announced in February that it would add some 100 positions to the 400 or so already in place at its Dublin office, and the new deal creates the space for even further growth.